Final answer:
NADPH is produced only in the Pentose phosphate pathway (PPP) and not during glycolysis or the Krebs cycle.
Step-by-step explanation:
NADPH is produced in the Pentose phosphate pathway (PPP), also known as the phosphogluconate pathway or the hexose monophosphate shunt. This pathway is a metabolic route parallel to glycolysis and generates NADPH primarily for biosynthetic reactions and to help in maintaining the redox balance of the cell by providing reducing power. It's important to note that NADPH is not produced during glycolysis or the Krebs cycle (also known as the TCA cycle or the citric acid cycle). Therefore, the correct answer to the question is D. III only.